"Discover the dynamic intersection of pharmaceuticals and medical devices, where innovative drug-device combinations are revolutionizing healthcare. BCC Research Study Projects 9.1% CAGR, with Market Growth from $129.4 Billion in 2024 to $199.8 Billion by 2029"
BOSTON, Dec. 17, 2024 /PRNewswire/ -- According to the latest study from BCC Research, the demand for Global Markets for Drug-Device Combinations is expected to grow from $129.4 billion in 2024 to nearly $200 billion by the end of 2029, at a compound annual growth rate (CAGR) of 9.1% during the forecast period of 2024 to 2029.
Drug-device combinations combine pharmaceutical drugs with medical devices to improve the effectiveness of treatments and convenience for patients. This report provides a thorough analysis of the market for drug-device combinations, analyzing trends from 2021, estimates for 2024, and projections from 2024 to 2029.
It explores the future potential of these products, examines the competitive landscape, and covers regulatory aspects, market drivers, challenges, opportunities, and emerging technologies. The report also assesses the market shares of the leading companies.
This report will prove to be valuable for all companies in the market, including recent entrants, government agencies, and other organizations interested in drug-device combinations. It offers insights into the markets of various regions, making it useful for companies looking to expand their geographic reach.
Interesting Facts about Drug-Device Combinations
- Smart Biomaterials: Smart biomaterials are transforming precision medicine by responding to the body's signals to release drugs exactly when needed. Advances in nanotechnology and gene therapy are making personalized drug delivery more effective, improving patient outcomes and reducing side effects. This technology shows promise for treating conditions like Alzheimer's and certain cancers.
- Innovative Drug Delivery Solutions: The company ArQ-Bios is tackling the challenges of delivering high-dose, high-viscosity, and high-volume medications. Its innovative device designs allow patients to administer treatments at home easily and accurately, reducing the risk of errors. This is especially important as the demand for home-based care and self-administered biotherapeutics continues to grow.
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Factors contributing to the growth of this market include:
Wide range of potential applications: Combination products, which integrate drugs and medical devices, have a wide range of potential applications. These products can be used in many medical fields They can be used for targeted drug delivery in cancer treatment, to provide controlled release of medications for chronic conditions, or combine diagnostic tools with therapies for more personalized healthcare.
Growing prevalence of chronic diseases.: More people are being diagnosed with chronic diseases such as diabetes, heart disease, and cancer. This growing prevalence is due to factors such as aging populations, unhealthy lifestyles, and better diagnostic tools. As these long-term illnesses become more common, there is a greater need for effective treatments and healthcare solutions to manage them.
Integrating homecare trends with drug delivery advance: Patients are gaining more control over their own healthcare due to trends in homecare and advanced drug delivery technologies. These advances allow patients to administer their treatments at home, making healthcare more convenient and accessible. This integration means patients can manage their conditions more effectively without frequent visits to healthcare facilities.
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $119.4 billion |
Market size forecast | $199.8 billion |
Growth rate | CAGR of 9.1% for the forecast period of 2024-2029 |
Segments covered | Product type, application, and region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Countries covered | China, India, Japan, U.S., Canada, Mexico, Germany, U.K., Italy, Spain, and France |
Market drivers | • Wide range of potential applications. • Growing prevalence of chronic diseases. • Integrating homecare trends with drug delivery advances. |
Market Segmentation
The global market for drug-device combinations can be segmented by:
1.Product Type
- Drug/biologic-device combination products
Drug/biologic-device combination products include a range of items such as drug-eluting stents (DES) for keeping arteries open, prefilled syringes (PFS) for easy injections, inhalers and nebulizers for respiratory treatment, wound care products for faster healing, implants for various medical needs, antimicrobial catheters to prevent infections, transdermal patches for continuous drug delivery through the skin, and photodynamic therapy for targeted treatments. These products combine medications with medical devices to enhance treatment effectiveness and patient convenience. - Drug-biologic combination products
Drug-biologic combination products include antibody-drug conjugates (ADCs), which link antibodies to drugs for targeted cancer treatment, and monoclonal antibodies (mAbs), which are designed to specifically target and neutralize harmful pathogens or cancer cells. These products combine the benefits of biologics with drugs to enhance treatment precision and effectiveness.
2.Application: Applications for drug-device combinations include areas such as cardiovascular diseases, metabolic disorders, respiratory conditions, and wound care products. It also includes oncology for cancer treatment, orthopaedic diseases for bone and joint issues, and other specialized areas.
This report on drug-device combinations addresses the following questions:
- What is the projected size and growth rate of the market?
The global market for drug-device combination products is projected to grow from $129.4 billion in 2024 to $199.8 billion by the end of 2029, at a CAGR of 9.1% during the forecast period. - Which factors are driving the growth of the market?
Increase prevalence of chronic diseases.
Potential applications for combinationsproducts.
Integrating homecare trends with drug delivery advances. - Which segments are covered in the report?
In the report, the market is segmented by product type, application, and geographic region. Product types include drug-device combination products such as drug-eluting stents (DES), antimicrobial catheters, photodynamic therapy, autoinjectors, transdermal patches, metered dose inhalers and others), device/biologic drug-device combination products (microneedles, prefilled syringe (PFS), nasal inhalers, nanotechnology generated, implants and others), drug/biologic drug-device combination products (monoclonal antibodies, antibody-drug conjugates (ADC), wound care and others) and drug and device and biologic. Applications include treatments for the following diseases: oncological diseases, cardiovascular diseases, metabolic disorders, respiratory diseases,and orthopedic diseases. The report segments the market into the regions of North America, Europe, Asia-Pacific, and RoW. - Which type of product will dominate the market in 2029?
Drug/biologic-device combination products will dominate the market at that time. - Which region has the largest market share of the market?
North America holds the largest share of the market.
Innovative Startups
CraniUS: Based in Baltimore, Md., CraniUS is a neuroscience-focused startup developing a groundbreaking device that delivers medicine directly to the brain. This innovative implant bypasses the blood-brain barrier using a novel wireless charging system, making it highly effective for treating chronic brain diseases. In October 2022, CraniUS raised $19.4 million in a Series A funding round from private investors.
Emergent BioSolutions: Emergent BioSolutions' announced that Narcan Naloxone HCl Nasal Spray 4 mg became available over-the-counter nationwide and online starting in September 2023. Easy accessibility to this type of product is crucial for responding to opioid emergencies, especially given the high rate of overdoses from synthetic opioids like fentanyl. Narcan Nasal Spray can help reverse opioid effects while emergency services are on the way.
Leading companies in the market include:
- SMITH+NEPHEW
- TERUMO CORP.
- STRYKER
- MEDTRONIC
- JOHNSON & JOHNSON SERVICES INC.
- BOSTON SCIENTIFIC CORP.
- Becton Dickinson
- B. BRAUN SE
- ABBOTT
- 3M
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